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The borrower can tell their creditors that they will be unable to pay this month's electricity bill/rent/whatever. The creditor will take a loss (writeoff/resc
by Hjfrf 5y ago
The borrower can tell their creditors that they will be unable to pay this month's electricity bill/rent/whatever.
The creditor will take a loss (writeoff/reschedule) or seize collateral.
It's better than having the same issue next month for a larger amount.
- toomuchtodo 5y agoSo is the argument it’s better to have your utilities shut off and be evicted?
- Hjfrf 5y agoYes that's better than having your utilities shut off and being evicted a month later with greater debts. As long as the person doesn't take out loans there's a good chance they can recover with government assistance. There are a consumer protections around necessities for survival for exactly this reason.